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Resolution plan once approved cannot be changed post arbitration proceedings
Case Law Details
- Case Name
- Yes Bank Limited Vs Katerra India Private Limited (NCLT Bengaluru)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Yes Bank Limited Vs Katerra India Private Limited (NCLT Bengaluru)
NCLT Bengaluru held that once the Resolution Plan is approved, no claim that is not a part of the Resolution Plan can exist or continue. Thus, changes in the resolution plan post adjudication of arbitration proceedings not tenable.
Facts- In February 2019, Vikas Telecom Private Limited (Developer/VTPL) appointed Synergy Property Development Services Pvt. Ltd. (Synergy) as the Project Management Consultant. The Developer also awarded the contract for the Design and build package works of the Project to Katerra I...
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